Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
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Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to operations as a cottage industry. The society is eligible for deduction u/s 80P(2)(a)(ii) of the Income Tax Act. The authorities erred in disallowing the deduction u/s 80P(2)(d), as the entire income, including interest earned on deposits, is attributable to the society's business and should be allowed as deduction u/s 80P(2)(a)(ii). The appeal of the assessee is allowed.
Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to operations as a cottage industry. The society is eligible for deduction u/s 80P(2)(a)(ii) of the Income Tax Act. The authorities erred in disallowing the deduction u/s 80P(2)(d), as the entire income, including interest earned on deposits, is attributable to the society's business and should be allowed as deduction u/s 80P(2)(a)(ii). The appeal of the assessee is allowed.
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